AikoSolar(SH:600732) Minsheng Securities·2025-05-05 03:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company experienced a significant improvement in profitability and a substantial increase in shipment volume, with a projected revenue growth from 2025 to 2027 [4]. - The company's gross margin turned positive in Q1 2025, with a gross margin of 0.53% and a net margin of -7.57%, reflecting a notable recovery in operational efficiency [2]. - The company has a strong order backlog, with cumulative sales orders for N-type ABC products reaching approximately 15GW, indicating robust demand and capacity constraints [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 11.155 billion yuan, a year-on-year decrease of 58.94%, and a net loss attributable to shareholders of 5.319 billion yuan [1][6]. - The revenue for Q1 2025 was 4.136 billion yuan, representing a year-on-year increase of 64.53% and a quarter-on-quarter increase of 26.89% [1]. - The company forecasts revenues of 19.262 billion yuan, 23.982 billion yuan, and 27.243 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 201 million yuan, 879 million yuan, and 1.697 billion yuan [4][6]. Shipment and Order Volume - The company achieved a remarkable increase in shipment volume, with BC component sales reaching 6.33GW in 2024, a 1200% increase compared to 2023, and 4.54GW in Q1 2025, a 500% year-on-year increase [3]. - The company’s operational cash flow turned positive in Q1 2025, with a net inflow exceeding 700 million yuan, signaling a recovery in cash flow stability [2].